All Forum Posts by: Joe Gogal

@Cole Simpson Thank you for the encouragement and reminder to focus on the numbers!

@Daniel Amsalem That is awesome to hear! I read your post on your house hack and it sounds like you are absolutely crushing it at the house hack game right now. Thanks for the additional details and insight into your recent purchase as those numbers are helpful to get an idea of how the market is right now. I'm also excited to hear that Alexandria County continues to be a great place to search for deals. Best of luck with your search for a new deal as well!

@Joaquin Camarasa This is very helpful to know. I had heard that SFH's were selling above the appraisal value but didn't realize it was so widespread. I'm thrilled to hear that you were successful with your own house hack in Springfield! I will be sure to also explore the Springfield/South Alexandria/Lorton areas as you mentioned. Thanks for the advice.

@Justin Lanciault I appreciate the advice! I'm sure every area varies greatly on price and rentability so I look forward to getting a better understanding of both when driving the neighborhoods.

@Sara Frank Thanks for the insight! I will definitely keep that in mind. I see that you used a 203k loan on one of your own investment properties. Having gone through the process, do you feel it was worth using that loan vehicle or do you think you would try the homestyle loan/other financing if you did it over?

 @Nicholas L. Thanks for the reminder! I will definitely take that into account when looking for deals.

@Jack Seiden

@Russell Brazil

Thank you both for the advice!! I look forward to exploring those areas soon.

Hi BP Community,

First of all, I want to thank everyone for sharing their knowledge and experience with the rest of us!! I have benefitted so much from reading these forums and learning from the pros.

I am looking into rent by the room house hack opportunities in the DC area and would love to hear your thoughts.

Quick Background

I am a new investor looking to purchase my first property in 2022/2023. I started my first full time job out of college last summer and have been aggressively saving up for a down payment on a house hack. I currently work remote but may eventually need to go on client site at varying locations in DC.

What I’m looking For

From what I have read on the forums thus far, there aren’t many multi-family house hack opportunities available in DC. Given that I don’t mind living with lots of roommates, I feel that a single-family/condo rent by the room house hack in the DC area makes the most sense for me. My ultimate goal is to maximize cash flow (reduce my own out of pocket monthly payment) while still living in a decent area. I am open to living in Virginia, DC, or Maryland as long as the commute into DC is reasonable. (i.e. 1 hour or less)

High Level Numbers

I can likely obtain $500-600k worth of financing with a 5% down payment on a conventional loan. I know the DC market is expensive, but I think that should still give me enough to get a place with a few extra rooms to rent out.

Current Location Ideas

My plan is to drive the neighborhoods listed below to get a better idea of each of them and narrow my scope of locations to live (please feel free to add on any additional areas that I should consider!).

From what I've read on the forums thus far, these locations seem like they are worth looking into for a rent by the room house hack,

• · Maryland
  • Hyattsville, 3-5 bed SFH
  • College Park, 3-5 bed SFH
  • Adelphi, 3-5 bed SFH
  • Berwyn Heights, 3-5 bed SFH
  • Silver Spring, 3 bed condo, 3-4 bed SFH or townhouse
    • - Georgia Avenue corridor
  • TBD…
• · DC (Not so sure about these)
  • Riggs/Lamond Park, 3-4 Bed SFH?
  • Brookland, 3-4 Bed SFH
  • Columbia Heights, 3 bed condo
  • Warf/Navy Yard, 3 bed cond
  • TBD…
• · Virginia
  • Arlington, 3 bed Condo
  • Alexandria, 3-4 bed townhouse/SFH
  • TBD…

Questions for the Forum

1. If you had $500-600K for a rent by the room house hack in the DC area, what type of property would you purchase and where?
2. Is there any advice that you would give looking back on your own experience with purchasing your first property in the DC area?

Thank you to everyone for continuing to share your wealth of knowledge! I appreciate any thoughts or comments that you would like to provide.

-Joe

@Leo Watts

@Chris Mills

@Russell Brazil

@Cassidy Burns@Cassidy Burns@Cassidy Burns@Cassidy Burns@Cassidy Burns@Cassidy Burns
Thank you all for your insightful feedback. I will keep this advice in mind as I explore investment opportunities!

@Cassidy Burns@Cassidy Burns@Cassidy Burns@Cassidy Burns

Hi BP investors!

I am moving to the DC metro area after graduation in May with plans to house hack a duplex/triplex/4plex as my first property and finance with an FHA loan! It is my understanding that these small multifamily are appraised/evaluated from comps. However, in a high cost of living area like the DMV should I also consider the cap rate for these type of properties during deal analysis? Thanks for any comments or advice.